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Measures to Prevent Breakdown of Critical Industrial Equipment fuels Oil Conditioning Monitoring Services Market

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Published on : Jan 07, 2020

ResearchMoz has announced the addition of a market intelligence study titled, “Oil Condition Monitoring Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027” to its expanding repository of research reports. The report is an all-important tool for valuable insights into growth trends and opportunities that will influence the oil condition monitoring services market over the forecast period. In addition, the report looks into geographical distribution and competitive landscape of the oil condition monitoring services market. Overall market size and revenue projections are some key features of this report.

The making of the report involved an extensive research phase. Analysts reached out to proprietary databases and carried out in-person interviews with industry experts for their viewpoint on trends in the oil condition monitoring services market over the forecast period.

The report enumerates various factors driving the oil condition monitoring services market. Firstly, use of technology for monitoring mechanical components of industrial equipment is a trend that has come to the fore. Condition-based monitoring involves real-time sensing, wherein predictive data adds immense value to the oil condition monitoring service landscape. 

The foray of Internet of Things (IoT) for monitoring of industrial equipment is revolutionary. Using IoT, oil samples are examined in laboratories and the corresponding machinery can be examined in real time using online sensors. 

For mechanical equipment, oil acts as a critical inner working material for an array of complex components in turbines, engines, and hydraulic systems. Since oil comes in contact with these components, it works as a common medium to assess the condition of mechanical components. This helps to prevent future failure of equipment. Such critical use of oil monitoring translates into notable growth for oil condition monitoring services market.

Meanwhile, in real industrial environments, lubricants are exposed to high pressure temperatures, corrosion, contaminated water, and air-ingested particles. Such adversities pose high risk of breakdown of machinery. Using analytical results of predictive maintenance programs, preventive remedial actions can be carried out and alleviate risk of failure of costly industrial components and industrial systems.

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The report studies the competitive landscape of the oil condition monitoring services market at length. The oil condition monitoring services market features a highly consolidate vendor landscape, says the report. Savvy players are devising predictive maintenance programs for oil condition monitoring that avert risk of machinery and engine failure. Underpinned by technology, these maintenance programs track changes in the lubricant to provide early alerts of risk of breakdown of machinery. 

In this competitive environment, keen players are introducing customized online service that is available 24/7. These services directly send client-specific reports that include data analytics and remedial actions. Besides this, players in the oil condition monitoring services are providing value-added services such as customized testing programs to carry out routine tests for lubrication of machinery.

To stay competitive, keen players are addressing critical need of efficient monitoring of machinery in ships. As there is no commonality between machinery and mechanical components of ships, oil condition monitoring analysis is ship-specific. This, however, leads to additional cost for marine operators to allocate separate funds to detect oil and lubrication status of critical ship machinery.

This opens opportunities for players in the oil conditioning monitoring services market. To serve this, stakeholders vying to develop a robust mechanism to attain maximum reliability for monitoring of industrial equipment. Such efforts require consultation from experts of oil conditioning monitoring, thereby fostering growth of oil conditioning monitoring services market.

Prominent players operating in the oil condition monitoring services market include Intertek Group plc, Exxon Mobil Corporation, SGS SA, Bereau Veritas, Veritas Petroleum Services, SYNLAB Group, Royal Dutch Shell plc, and INSIGHT SERVICES INC.